Organization; Balloting and Stockholder Reconsideration Issues; Effective Date

[Federal Register Volume 64, Number 28 (Thursday, February 11, 1999)]
[Rules and Regulations]
[Page 6784]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-3370]


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FARM CREDIT ADMINISTRATION

12 CFR Part 611

RIN 3052-AB71


Organization; Balloting and Stockholder Reconsideration Issues; 
Effective Date

AGENCY: Farm Credit Administration.

ACTION: Notice of effective date.

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SUMMARY: The Farm Credit Administration (FCA) published a final rule 
under part 611 on November 24, 1998 (63 FR 64841). This final rule will 
amend Farm Credit Administration (FCA or Agency) regulations concerning 
Farm Credit System (System or FCS) ballots and the effective dates for 
mergers, consolidations, or transfers of direct lending authority. The 
amendments allow the use of identity codes on ballots, as long as the 
votes are tabulated by an independent third party; limit the scope of 
the regulation to System banks and associations; and remove 
descriptions of specific balloting procedures from the regulations. The 
amendments also reduce the earliest effective date of a merger, 
consolidation, or transfer of lending authority. The amendments provide 
more flexibility to institutions and stockholders when stockholder 
votes occur, extend security and confidentiality requirements to all 
stockholder votes of banks and associations, limit such requirements to 
banks and associations, and accelerate the effective date of certain 
corporate actions. In accordance with 12 U.S.C. 2252, the effective 
date of the final rule is 30 days from the date of publication in the 
Federal Register during which either or both Houses of Congress are in 
session. Based on the records of the sessions of Congress, the 
effective date of the regulations is February 11, 1999.

EFFECTIVE DATE: The regulation amending 12 CFR part 611 published on 
November 24, 1998 (63 FR 64841) is effective February 11, 1999.

FOR FURTHER INFORMATION CONTACT:
Alan Markowitz, Senior Policy Analyst, Office of Policy and Analysis, 
Farm Credit Administration, McLean, VA 22102-5090, (703) 883-4498;
    or
Rebecca S. Orlich, Senior Attorney, Office of General Counsel, Farm 
Credit Administration, McLean, VA 22102-5090, (703) 883-4020, TDD (703) 
883-4444.

    (12 U.S.C. 2252(a)(9) and (10))

    Dated: February 4, 1999.
Vivian L. Portis,
Secretary, Farm Credit Administration Board.
[FR Doc. 99-3370 Filed 2-10-99; 8:45 am]
BILLING CODE 6705-01-P